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Yukos was the biggest oil company in Russia, until it was declared benkrupt by an Arbitration Court in Moscow. Therefore, liquidation had been disposed under Russian Law and managed by Yukos Finance B.V. (incorporated in the Netherlands) which sold Yukos’ assets.

Later on (on 2014) the same Court decided to make use of the UNCITRAL (United Nations Commission on International Trade Law) and ocndemned the Russian Gvmt to a fine of $50b in damages to Yukos’ shareholder, based on the ECT (Energy Charter Treaty) for breach of Articles 10 (fair and equitable treatment of investors) and 13 (wrongful expropriation).

BUT

Russia hadn’t ratified the treaty, therefore it issues an objection,

BUT

the ECT provides for a provision application at Article 45 “to the extent that such provisional application is not inconsistent with its constitution, laws or regulations.”,

SO

The Arbitrational Court had to verify the compatibility of the ECT to the Russian Constitution,

BUT

This had to follow the piecemeal approach, aka to veruify consistency with each and every section of the Russian Constitution,

AND

The Hague District Court ruled for the incompability and, therefore, incompetence of the Arbitral Tribunal to this matter.

SO

Let’s stick to “ordinary” venues and law, the Dutch one (see Yukos Finance B.V.) which, declared the liquidation of Yukos contrary to Dutch Law and ultimately voided the setting aside of the arbitral award before the Hague Court of Appeal, thus rendering Russian Law the only applicable one.

BUT The bankruptcy may have violated Russian Public Law too, which, according to the Hague Court of Appeal, may lead to Arbitration and, eventually, to the same Hague Court’s competency.

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